ABSTRACT
Teams start a signifi cant number of new ventures, or a team is created during the venture startup (Birley and Stockley 2000; Cooper et al. 1990; Kamm et al. 1990; Ruef et al. 2003; Watson et al. 1995). Scholars have established that there is a strong association between venture success and team-created ventures (Baum and Silverman 2004; Cooper and Bruno 1977; Eisenhardt and Schoonhoven 1990; Kamm et al. 1990; Timmons 1994). Also, new ventures created by a team outperform ventures created by a single entrepreneur (Chandler and Hanks 1998; Cooper and Bruno 1977; Roberts 1991). One explanation for the superior performance of ventures started by an entrepreneurial team (ET) may be due to the fact that an ET is better equipped to effectively manage the uncertainties and vicissitudes associated with the creation of a new venture than an individual (Beckman et al. 2007; Chowdhury 2005; Harrison et al. 2002; West 2007). Furthermore, the literature on top management teams (TMT) shows the executive team has a greater infl uence on the organizational performance than the individual executive across a number of performance measures (Hambrick and Mason 1984; O’Reilly et al. 1993; Roberts 1991). Therefore, the ET, and its effectiveness, is a critical determinant of venture performance (Amason et al. 2006; Beckman 2007; Beckman et al. 2007; Cooper and Bruno 1977; Cooper and Daily 1997; Ensley et al. 1998; Glick et al. 1993; Hambrick 1994; Hambrick et al. 1996; Jackson 1992; Kamm et al. 1990; O’Reilly et al. 1993; Watson et al. 1995). Or, stated more concisely, a venture is a refl ection of its ET (Hambrick and Mason 1984).
